News that the incoming U.S. administration may scale back plans for sweeping tariffs has impacted the U.S. dollar. Trump has since denied this, stating his tariff policy will not be reduced, though markets remain somewhat skeptical.
The price action is understandable given the recent strength of the U.S. dollar. The Euro received a boost from sticky German inflation data, while the Canadian dollar improved after Prime Minister Trudeau announced his plans to resign.
Earlier today, there was verbal intervention regarding yen weakness, though it had little effect. Meanwhile, the Australian and New Zealand dollars have strengthened on news that China’s PBOC, NDRC, and MOF will hold a briefing tomorrow to boost consumer demand.
Looking ahead, key economic releases include Eurozone, German, and UK construction PMIs; Eurozone inflation and unemployment data; Canadian and U.S. trade figures; Canada’s Ivey PMI; U.S. ISM services; and JOLTS job openings.
For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
